Collaboration Brings Exciting Growth Opportunities to Krystal and Kyber Network

Published in

Krystal Wallet

4 min readOct 27, 2021

Since its inception in April 2021, Krystal has had a longstanding relationship with Kyber Network.

Kyber Network’s liquidity protocols were one of the earliest used to power Krystal’s token swap service. As Kyber introduced its new highly capital efficient KyberDMM DEX protocol (launching on multiple networks, initiating liquidity mining programs to enhance liquidity), Krystal shown its support by integrating KyberDMM on all Krystal’s supported chains — Ethereum, Binance Smart Chain (BSC), Polygon and Avalanche, to bring Krystal users the best token swap rates.

Henceforth, Krystal is excited to bring its collaboration with Kyber Network to newer heights.

Krystal Boosts Utility of $KNC token
Community Pool for KNC Delegation on KyberDAO
Tripartite Partnership: Krystal x Kyber x Token Projects

Krystal Boosts Utility of $KNC token

Krystal has recently announced the upcoming launch of KrystalGO, a platform that allows community members to participate in public rounds of funding by token projects. To qualify, participants accumulate points in 2 ways — staking Kyber Network Crystal ($KNC) (native token of Kyber Network), and trading volume on Krystal.

$KNC holders have the opportunity to participate in token launches

$KNC holders can accumulate points from staking $KNC on KrystalGO (1 KNC = 1 point). $KNC holders also have the choice to stake on any blockchain — Ethereum, BSC or Polygon, boosting the utility of $KNC on other blockchains.

$KNC holders have a greater chance of qualifying for higher tiers

In order to qualify for higher tiers, a greater minimum amount of KNC staked is required.

The higher amount of $KNC staked, the higher the tier qualified, and the greater the token allocation.

Community Pool for KNC Delegation on KyberDAO

This will be something that the Krystal team will work towards.

KyberDAO is a community platform that allows KNC token holders to participate in governance. KNC holders can stake KNC to vote on important proposals. In return, they receive rewards in ETH from network fees collected from trading activities in Kyber Network.

Other than counting for points, there are currently no additional rewards for staking KNC on KrystalGO. In order to unite the benefits of KrystalGO and KyberDAO, Krystal will soon be developing a 3rd-party KyberDAO community pool.

This will allow users who stake KNC on to not only participate in token sales on KrystalGO, but delegate their voting power to Krystal and earn bonus KNC rewards from KyberDAO.

More information will be provided once there are any developments on this front.

Tripartite Partnership: Krystal x Kyber x Token Projects

Kyber Network is running an ongoing ‘Rainmaker’ liquidity mining program on KyberDMM, giving out rewards to incentivize strategic pools that are foundational to both trading and Dapp usage on Ethereum, BSC, Polygon and Avalanche.

With KrystalGO, Krystal will be connected to many up-and-coming token projects looking to boost liquidity on popular decentralized exchanges. Krystal will be pleased to present the option for token projects to collaborate with Kyber Network after their token launches, to increase liquidity of key token-pair pools on the highly capital efficient KyberDMM.

Both parties expect this collaboration to open up new avenues of growth for both Krystal and Kyber Network in the DeFi sphere, and look forward to a successful cooperation.

About Kyber Network

Kyber Network aims to deliver a sustainable liquidity infrastructure for DeFi. As a liquidity hub, Kyber connects liquidity from various protocols and sources (e.g. KyberDMM) to provide the best token rates to takers such as Dapps, aggregators, DeFi platforms, and traders.

Through Kyber, anyone can contribute or access liquidity, and developers can build innovative applications, including token swap services, decentralized payments, and financial Dapps — helping to build a world where any token is usable anywhere.

Kyber is powering more than 100 integrated projects and has facilitated over US$7 billion worth of transactions for thousands of users since its inception.

About Krystal

Krystal is a multi-chain platform to easily access popular decentralized finance (DeFi) services and manage NFTs. Krystal currently supports 23 DeFi services on 4 blockchains — Ethereum mainnet, Binance Smart Chain, Polygon and Avalanche.

Krystal has an intuitive user interface that acts as a single point of access to transact with leading protocols on each blockchain. This includes KyberDMM, Uniswap, Aave, Compound, Venus Protocol, PancakeSwap, SushiSwap, QuickSwap & Pangolin et.al.

Krystal aims to be every user’s go-to venue for swapping tokens, earning passive income, NFT management, portfolio management and market insights. Topping it off, Krystal’s one-of-a-kind rewards program earns users bonus incentives when they trade or successfully refer friends. Since its launch in April 2021, Krystal has attracted thousands of users from over 87 countries.